Home Equity Second Mortgage

Jon Shibley, President & CEO, Lenox Financial

A Second Mortgage lets you cash out the equity of your home up to a 100%. With a second mortgage you are able to use the equity in your home to do improvements to your residence or to pay that lingering credit card debt that keeps you up at night. Second Mortgages are also used in home purchases when you are putting less then 20% down payment to avoid paying mortgage insurance. Unlike the HELOC, this product does not have revolving line of credit features but the rate is fixed throughout the life of the loan.